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Moody's cuts Earthbound
Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Earthbound Holding III, LLC to B3 from B2.
At the same time, Moody's changed the outlook for the company to negative from stable.
The agency noted that the downgrade was largely due to ongoing weakness in operating performance stemming from pricing pressures and rising costs, which has led to an increase in leverage and lower interest coverage.
The following ratings have also been downgraded: $25 million senior secured revolving credit facility due 2015 to B2 (LGD3, 39%) from B1 (LGD3, 39%) and $240 million senior secured term loan facility due 2016 to B2 (LGD3, 39%) from B1 (LGD3, 39%).
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